JPMorgan Says BVG Owes $200 Million Over ‘Unfortunate’ CDS

JPMorgan Chase & Co. said Berlin’s public transport provider only has itself to blame for signing an “unfortunate” derivatives contract that led to $200 million in losses.

JPMorgan’s lawyer, Laurence Rabinowitz, told a London court on the first day of a trial that the timing of Berliner Verkehrsbetriebe’s 2007 credit-default swap “could hardly have been worse” because it coincided with the start of the global financial crisis.